Where money is made

S&P 500 wasn‘t to break down Friday, but I saw its upside as limited – it proved so, just as much as the gold and silver surge being places where money is made. Volatile ride, but the fresh solid bid following tariffs-Greensland prior weekend, did last. Even copper finally turned up Friday, just as the dollar mightily turned south.

And that‘s the theme of 2026 – has the USD bull run starting in 2011 ended? Is it a function of upcoming economic reacceleration, or the dip has more to do with Europe, let alone Japan situation? Treasuries market is relatively calm, and it‘ll be the one defended foremost – national debt (re)financing needs are huge. 

So, how close are stocks to breaking out of their two-plus-month-long consolidation? Can Nasdaq lead once again? Is market breadth at all favorable?

These are but some questions that swing or intraday traders have to ask themselves – and we had a great week, stepping away from outperforming Russell 2000 when its steam ran out, criscrossing between indices in volatile pre-Davos moments of tensions, only to give way to Greenland framework announcement triggering a rally that was characteristically faded… and QQQ <$626 beat goes on.

With all the precious metals mania talk, is it really a bubble, how „suspicious“ is silver catching up long-term, and can oil‘s turn last as well? Will 2026 be a year of commodities while we see and trade plenty of stock market rotations, favoring value over tech?